Rhumbline Advisers lowered its stake in Marvell Technology Group Ltd. (NASDAQ:MRVL) by 6.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 417,798 shares of the semiconductor company’s stock after selling 28,406 shares during the period. Rhumbline Advisers owned about 0.08% of Marvell Technology Group worth $6,902,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MRVL. Creative Planning increased its position in shares of Marvell Technology Group by 175.3% in the first quarter. Creative Planning now owns 7,158 shares of the semiconductor company’s stock valued at $109,000 after buying an additional 4,558 shares during the last quarter. DnB Asset Management AS increased its position in shares of Marvell Technology Group by 10.8% in the first quarter. DnB Asset Management AS now owns 76,698 shares of the semiconductor company’s stock valued at $1,170,000 after buying an additional 7,500 shares during the last quarter. James Investment Research Inc. bought a new position in shares of Marvell Technology Group during the first quarter valued at approximately $138,000. Mn Services Vermogensbeheer B.V. increased its position in shares of Marvell Technology Group by 4.4% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 11,607 shares of the semiconductor company’s stock valued at $166,000 after buying an additional 492 shares during the last quarter. Finally, Profund Advisors LLC increased its position in shares of Marvell Technology Group by 19.1% in the first quarter. Profund Advisors LLC now owns 80,048 shares of the semiconductor company’s stock valued at $1,222,000 after buying an additional 12,821 shares during the last quarter. 75.60% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Marvell Technology Group Ltd. (MRVL) opened at 17.05 on Monday. Marvell Technology Group Ltd. has a one year low of $12.03 and a one year high of $18.18. The company has a market capitalization of $8.54 billion, a price-to-earnings ratio of 33.04 and a beta of 1.10. The firm’s 50-day moving average price is $15.92 and its 200-day moving average price is $16.03.

Marvell Technology Group (NASDAQ:MRVL) last announced its quarterly earnings results on Thursday, August 24th. The semiconductor company reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.28 by $0.03. Marvell Technology Group had a return on equity of 9.94% and a net margin of 10.97%. The business had revenue of $604.75 million during the quarter, compared to analysts’ expectations of $600.76 million. During the same period in the previous year, the company posted $0.18 EPS. Marvell Technology Group’s revenue for the quarter was up 16.4% on a year-over-year basis. Analysts anticipate that Marvell Technology Group Ltd. will post $1.10 earnings per share for the current year.

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Several research analysts have commented on MRVL shares. B. Riley reaffirmed a “buy” rating and set a $21.00 target price on shares of Marvell Technology Group in a report on Monday, May 1st. Zacks Investment Research downgraded Marvell Technology Group from a “buy” rating to a “hold” rating in a report on Wednesday, May 3rd. Deutsche Bank AG lifted their target price on Marvell Technology Group from $16.00 to $18.00 and gave the stock a “hold” rating in a report on Thursday, May 25th. Citigroup Inc. raised Marvell Technology Group to an “outperform” rating and set a $23.00 target price on the stock in a report on Friday, May 26th. Finally, Oppenheimer Holdings, Inc. raised Marvell Technology Group from a “market perform” rating to an “outperform” rating and set a $18.50 target price on the stock in a report on Friday, May 26th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $18.97.

About Marvell Technology Group

Marvell Technology Group Ltd. is a semiconductor provider of application-specific standard products. The Company is engaged in the design, development and sale of integrated circuits. The Company develops System-on-a-Chip (SoC) devices. It also develops integrated hardware platforms along with software that incorporates digital computing technologies designed and configured to provide an optimized computing solution.

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Institutional Ownership by Quarter for Marvell Technology Group (NASDAQ:MRVL)

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